Aloha
Will soon be selling a property in VIC, (first time selling one in Aus, and not using an agent this time around) – trying to work out exactly what those dreaded "closing costs" are actually composed of, and what they'd come up to (that is to say, the ones you actually have to pay by law, not paint, spruce, advertising, moving house etc). Found alot of general information out there, but no specifics anywhere.
Would anyone have a quick guide/calculator/detailed knowledge on-hand as to what's entailed? And could you please be specific, that is to say, not just "insurance" but something like "the transfer of insurance from x to y" or "the cancellation of an insurance policy", etc.
Your help much appreciated!
Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
I think one of the biggest expenses when it comes to selling is the taxes that you will need to pay and this can vary depending on how the property was purchased (individual, trust, superannuation fund, or company), what type of property it is (residential or commercial), how long you've had the property (CGT discount), and other costs (improvements, depreciation)
Other costs of selling like advertising costs, real estate agent's commissions, conveyancing or solicitor's fees, discharge of mortgage registration fee, early exit fees etc can vary quite a lot, but a good rule of thumb suggested by Steve is to allow +5% of the sale price for costs
that's a great start, thank you
as it was inherited (by an individual), and there's no mortgage and no agent involved (also not much CG), I'm guessing it'll be on the lower side of those 5% – would this be a correct assumption?Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
Not really any costs. No discharge of mortgage, no agents fees etc. Just conveyancing costs which are cheap in VIC.
There may be CGT depending on when the deceased had purchased the property, whether it was a main residence or rental, how long since the death and who lived there etc
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
That's great news, Terry, thanks
Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
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